Payments network TransferMate hits unicorn status after $70m funding
Irish B2B payments infrastructure provider TransferMate has secured a $70 million funding round, valuing the company at $1 billion.
The newly-minted unicorn will use the funding, which consists entirely of primary capital, to expand its teams globally and develop its technology and product offering.
TransferMate joins unicorn club after $70m fundraise
TransferMate utilises its global licensing infrastructure and banking network to allow individuals and businesses to make cross-border payments in more than 201 countries and 141 currencies, “dramatically faster and cheaper than the traditional SWIFT system”, TransferMate founder Terry Clune says.
“We will use this investment to continue to recruit senior financial talent who can help broaden our customer base.”
The funding round was managed by Barclays Bank, acting through its investment bank and saw participation from Railpen, one of the largest UK pension funds, which manages £37 billion.
TransferMate CEO Sinead Fitzmaurice says: “Our commitment to deliver real-time transparency and speed when businesses are conducting cross border payments has resulted in TransferMate becoming the global B2B payments infrastructure of choice for the world’s leading procure-to-pay and spend management platforms.”
“This investment will allow us to accelerate our mission to drive innovation as businesses seek to digitise their B2B payments within the core software that they use to conduct their day-to-day activities,” Fitzmaurice adds.
